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Property group sells Grade A office building in Covent Garden for £16m

Property group sells Grade A office building in Covent Garden for £16m

Kean House, an office building in Covent Garden containing 26,000 sq ft of prime Grade A office space, has been sold by freeholder Terrace Hill Group for a reported sum of £16 million.

The sale follows a recent lease renewal of the fifth floor, by e-commerce company Channel Advisor, who have re-let their office space in the property for a further five years.

The office and retail space is spread over a basement and nine upper storeys. Other tenants include Costa Coffee and Adecco, who both lease retail space at the Covent Garden building.

Terrace Hill Chief Executive, Philip Leech, said:

“This sale demonstrates that there is strong demand in the market for good quality, well-managed assets particularly central London offices. The disposal will allow us to recycle the capital into profitable new projects, further enhancing our shareholder’s capital invested in our business.”

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Author: | December 1, 2009 | 0 Comments

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